Employees continued to focus on retirement planning in the third quarter, a report released Friday by Financial Finesse found. Over one-third of calls to the financial education firm’s hotline were related to retirement planning, up from 25% in the second quarter.
Despite 91% reporting that they are contributing to their retirement plan, though, just 15% said they are on track to replace at least 80% of their income, down from 17% in 2010. Part of their lack of preparedness can be blamed on market volatility, Financial Finesse reports, although the percentage of investment-related questions rose just two percentage points from the first half of the year to 14%.
“There’s so much skepticism out there about our economic future, especially with current global financial crises occurring,” Liz Davidson (left), CEO of Financial Finesse, said in a statement. “If the economy takes another dip, we believe employees will be better equipped to handle it, but they will still struggle as many don’t have emergency savings nor can they rely on equity in their homes.”